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Symmetrick

hero member

Activity: 517

Merit: 11957

Quote from: ?? on ??

If true, and undisclosed, then they would certainly be considered anticompetitive by most countries antitrust laws and could face repercussions that way.

It would make sense for exchanges to do this, although I'm not sure about the linkage between FTX and Binance. Didn't Binance heavily criticise FTX's leveraged tokens a while back, and used that as an excuse to launch their own "variable leverage" tokens?

I may be mistaken and out of the loop with the current developments, but that certainly does not look like a synchronised step to me. I'm fairly sure FTX fired back with a counterargument as well. Either they are really good at hiding their stuff or this has no grounding, but interesting nonetheless.

It's just like my guess. You are talking about criticism of tokens, but initially everything was fine and Binance traded FTX tokens on its platform until CZ deleted them from its platform: https://medium.com/@ashcash_/scam-on-binance-bull-bear-part-2-9c85996e13ed

But before that, they had a great relationship with FTX and nothing prevented Binance from making big money by fooling the hamsters who bought these tokens.

Now a big regulatory campaign has been launched against Binance. It will be possible to watch the development of events. Alternatively, a gradual overflow of liquidity from Binance to FTX is possible, and references to FTX will appear more and more often in the media every time, thus redirecting the vector of attention to a more promising business direction. This promising direction is precisely the FTX exchange. I will not be surprised that soon this exchange will become the top one in terms of volume, because Binance will soon surrender its positions, even CZ is already ready to leave the position of CEO due to regulations: https://www.cnbc.com/2021/07/27/binance-ceo-says-willing-to-step-down-amid-crypto-crackdown.html

Azrieli

full member

Activity: 1316

Merit: 200

According to the SEC, Binance is under investigation by the US federal government - https://twitter.com/BinanceFraud/status/1429821311946219523

Kyraishi

hero member

Activity: 952

Merit: 513

Quote from: Azrieli on August 15, 2021, 04:15:16 AM

A coincidence? https://twitter.com/BinanceFraud/status/1426831962950483974

Massive fraud by financial regulators: BitMEX.com and Bybit.com, Binance.com and FTX.com - https://scambinance.com/investigations/190-massive-fraud-by-financial-regulators-bitmexcom-and-bybitcom-binancecom-and-ftxcom.html

For the overall picture, we will supplement the information.

Not sure why they would be drawing attention to each other if they were actually clones/associated companies, though?

I agree that the motive is definitely there to monopolise the market and to protect market share even after a catastrophic event like regulation.

I find it hard to believe that they would accuse each other and still somehow be interconnected, though. Maybe indirectly, but probably not directly through a share holding arrangement.

Azrieli

full member

Activity: 1316

Merit: 200

A coincidence? https://twitter.com/BinanceFraud/status/1426831962950483974

Massive fraud by financial regulators: BitMEX.com and Bybit.com, Binance.com and FTX.com - https://scambinance.com/investigations/190-massive-fraud-by-financial-regulators-bitmexcom-and-bybitcom-binancecom-and-ftxcom.html

For the overall picture, we will supplement the information.

magneto

hero member

Activity: 1666

Merit: 753

If true, and undisclosed, then they would certainly be considered anticompetitive by most countries antitrust laws and could face repercussions that way.

It would make sense for exchanges to do this, although I'm not sure about the linkage between FTX and Binance. Didn't Binance heavily criticise FTX's leveraged tokens a while back, and used that as an excuse to launch their own "variable leverage" tokens?

I may be mistaken and out of the loop with the current developments, but that certainly does not look like a synchronised step to me. I'm fairly sure FTX fired back with a counterargument as well. Either they are really good at hiding their stuff or this has no grounding, but interesting nonetheless.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

@Ratimov. FTX is an exchange that offers both of what Bitmex and Binance offers, I reckon. FTX was the taker of much of the volume that Bitmex lost when Arthur Hayes was hiding from the regulators. I am quite certain FTX will also again be the taker of much of Binance volume when the regulators take it down.

dkbit98

legendary

Activity: 2212

Merit: 7064

Quote from: ?? on ??

Did I claim that FTX is owned by CZ?

No, but you said even worse thing that all those exchanges are clones, and I hope you understand the meaning of that word, CLONE = IDENTICAL, look up in dictionary.
I am not going to reply here anymore. Cheers.

dkbit98

legendary

Activity: 2212

Merit: 7064

Clones mean that something is identical to original, and those exchanges you mentioned are not at all identical clones to Bitmex and Binance.
I never used Bybit exchange so I can't speak much about it, but FTX is not owned by CZ even if he did invested a lot in FTX, but owner is Sam Bankman-Fried.
You can also notice important differences in fees and interface, and you can even withdraw Bitcoin from FTX without paying any fee and that is something Binance never had.

crwth

copper member

Activity: 2940

Merit: 1280

https://linktr.ee/crwthopia

Quote from: ?? on ??

Well, after all, the coincidence in the graphical interface is more secondary than the coincidence in the concept of the exchange itself, Binance is a multi-platform, while Bybit has been a strictly derivative platform like Bitmex for almost three years. with the same simple registration and simple margin accounts as opposed to the more complex one on Binance.

Well, yeah, I think I understand why they have to mirror their interface because that's what works and most new companies that see potential in the market copy the ones who has been successful. I didn't look at it in the back-end side but I see where you are coming from.

Quote from: ?? on ??

Regarding the fact that the creation of an exchange itself requires certain skills and knowledge, of course, and the creation of a billion dollar exchange is all the more so, here you cannot do without the professional support of experienced people who already have knowledge in the field of managing such exchanges.

That's probably the reason why there are connections and similarities between them. Programming that from the ground-up would require thousand hours of work with multiple engineers producing it.

crwth

copper member

Activity: 2940

Merit: 1280

https://linktr.ee/crwthopia

Upon experience, I feel that Bybit is the clone of Binance regarding GUI and user experience. The colorways also add to the "thought" of it having being cloned or something. I'm curious as to how much it could've been to do that, and if it's true, how many more exchanges could there be? There are probably overlaps of connections between these exchanges, and they have probably the same devs or something. Lol.

I think that it's hard to create an exchange if you don't have the experience and connections to design and develop one. When you have relationships, like someone in Binance, you can re-create how it's being done.

Having alternatives are the way to be in the game for a very long time.

SFR10

legendary

Activity: 2968

Merit: 3406

Crypto Swap Exchange

Quote from: Symmetrick on August 02, 2021, 01:05:05 AM

What do you think about this?

I'd prefer to not comment in regards to the possibility of having a connection between them ^{[regardless of the above recent events]}, but it makes perfect sense ^{[for them]} to have some sort of a safety net in place since there are a lot of things at stake.
^{- Having said that, I see such moves as unethical behavior by exchanges, and unfortunately, only a small group of people or exchanges value such things.}

Symmetrick

hero member

Activity: 517

Merit: 11957

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